RY 176.57 0.438% SHOP 158.97 0.9526% TD 79.31 0.1515% ENB 61.27 0.1471% BN 84.87 -1.1646% TRI 235.65 1.718% CNQ 46.46 -3.4898% CP 106.585 0.2021% CNR 153.9 0.1627% BMO 134.58 0.3654% BNS 77.82 0.9339% CSU 4727.8198 1.6729% CM 89.33 0.0336% MFC 45.32 0.421% ATD 82.32 -0.8551% NGT 58.47 -0.0513% TRP 68.21 -0.3943% SU 53.98 -1.5861% WCN 268.6 -0.3229% L 186.66 0.1771%

Global Commodity Technical Analysis Report

Commodities Market Rally Stop, One Commodity Expected Hold Support Level – Natural Gas

Jul 09, 2024

NG
Investment Type
Commodity
Risk Level
Action
Rec. Price (US$)

 Global Commodity Market Wrap-Up

Last week, metal prices maintained their upward momentum after a period of significant profit-taking. Gold demonstrated resilience, achieving a notable gain of 2.48%, while silver surged more prominently by 7.20%. Base metals followed this reversal trend, with copper rising by 3.42% and zinc by 2.10%. Lead, however, diverged slightly from this pattern with a minor increase of 0.15%. This contrasting movement, diverging from the previous week's rising prices, indicates a bullish momentum and underscores investor confidence and optimism in the metals market.

Last week, Natural Gas prices experienced a significant correction, marking a notable loss of -9.55% from their recent upward momentum. This correction signifies a substantial shift in market sentiment and possibly reflects adjustments in supply dynamics or seasonal factors affecting demand. In contrast, Crude Oil prices recorded a notable increase of 1.99%, signaling growing confidence in the market. Furthermore, US Sugar witnessed a minor loss of -0.84%, bolstering negative momentum in agricultural commodities.

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